When considering home purchases, individuals should evaluate their current salary to ensure affordability, ideally keeping mortgage payments below 25% of their net income. A Redditor is contemplating a $2,800 mortgage on a $5,200 monthly income, illustrating the strain of high payments amid existing debts like car loans and college expenses. This situation underscores the importance of financial comfort and preparedness before making such a significant investment, as failure to do so can lead to unnecessary stress and financial difficulties.
One Redditor is going through this process right now and is trying to determine whether a home and mortgage are too expensive based on their current income.
There is no question that making sure you are comfortable financially when buying a home, which is likely to be your biggest purchase ever, is something that has to be factored in.
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